Union Dicon Salt to Integrate Corrections into 2018 Results

By Dipo Olowookere

The management of Union Dicon Salt Plc has explained why the board of the company was yet to announce a date for the Annual General Meeting (AGM).

The AGM is the gathering of shareholders, where the board and management give details of the company’s performance in the previous financial year. Union Dicon is yet to hold such meeting to let its investors know how it performed in the 2018 financial year and its plans for the 2019 fiscal year.

In a notice dated Wednesday, October 16, 2019 and signed by the acting Managing Director, Mr Henry Mgbemena, the firm explained that it was yet to hold its annual meeting due to feedbacks that must be incorporated “into the 2018 financial statements.”

The company further explained that these corrections were from the Financial Reporting Council of Nigeria (FRCN), which sought for clarification “on the qualification of the 2018 financial statements/accounts by its external auditors.”

According to Union Dicon, it has “clarified its position with FRCN”, but must include them in the 2018 results before a date for the AGM can be fixed and held.

“Union Dicon Salt Plc wishes to notify its esteemed shareholders that the delay in conveying an Annual General Meeting within the regulatory due date is as a result of the invitation of Union Dicon by Financial Reporting Council of Nigeria (FRCN) on the qualification of the 2018 financial statements/accounts by its external auditors.

“We wish to inform our shareholders that the company has clarified its position with FRCN, however, the council gave a number of feedbacks to Union Dicon which the company is in the process of incorporating into the 2018 financial statements.

“Upon the conclusion of the process, a meeting of the company’s board of directors will be convened to consider and fix a date for the Annual General Meeting,” the disclosure said.

Concluding, Union Dicon thanked “all our shareholders and other stakeholders for their patience and steadfastness in our company.”

Business Post reports that shares of Union Dicon are presently exchanging at N12.15 each. Union Dicon presently has Compliance Status Indicator (CSI) code of BMR, which means Below Listing Standard, Missed Regulatory Filing and Restructuring.